Ethereum’s accumulation wave isn’t just driven by retail investors anymore – it now has the backing of Wall Street as well!
Recent on-chain data has revealed that BlackRock, a major financial institution, purchased $15.46 million worth of ETH through Coinbase Prime. This direct allocation to Ethereum is a rare move for Wall Street, especially amidst a surge in accumulator address activity.
As shown in CryptoQuant’s chart, inflows into long-term holding addresses have reached all-time highs, coinciding with ETH’s price stabilization above $2,500.
ETH has demonstrated resilience above the $2,500 mark, with price action holding steady near the 200-day EMA and the 50-day EMA. This convergence zone is proving to be a strong support level for the cryptocurrency.
Despite recent dips, ETH has rebounded from intraday lows as buyers re-enter the market. The Relative Strength Index (RSI) currently stands at 48.9, indicating a neutral but slightly bearish outlook. If momentum improves, there is potential for upward movement towards the $2,600–$2,650 range, provided that ETH maintains support above $2,500.
With whale accumulation and institutional interest on the rise, ETH could see further price gains in the near future. However, a drop below $2,435 could signal downside risk for the cryptocurrency.
Overall, Ethereum’s accumulation trend is not only driven by retail investors but also by institutional players like BlackRock, signaling a shift in the market dynamics towards greater institutional involvement in the cryptocurrency space.